Hubbell reported diluted earnings per share of $4.19 in the fourth quarter of 2025, with adjusted diluted EPS of $4.73, representing a 15% year-over-year increase on an adjusted basis. Net sales rose 12% year-over-year, driven by 9% organic growth and 3% from acquisitions. GAAP operating margin expanded to 20.9%, while adjusted operating margin improved by 140 basis points to 23.4%. Free cash flow reached $388.8 million, up from $364.4 million in the prior year period, and operating cash flow totaled $447.5 million versus $432.4 million a year ago.

In the Utility Solutions segment, net sales increased 10% to $936 million, with organic growth of 7% and a 4% contribution from acquisitions. Grid Infrastructure sales surged approximately 18%, offsetting an 8% decline in Grid Automation. Segment operating income rose to $202 million (21.5% of sales), up from $168 million (19.8%) in Q4 2024. On an adjusted basis, operating income was $235 million or 25.1% of sales, compared to $196 million or 23.1% a year earlier, reflecting strong volume growth in infrastructure, favorable price realization and productivity gains, partly offset by cost inflation and tariffs.

Electrical Solutions net sales climbed 14% year-over-year to $557 million, comprising 13% organic growth and 1% from acquisitions. Segment operating income reached $110 million, or 19.7% of sales, versus $92 million, or 18.9%, in the same quarter of 2024. Adjusted operating income was $114 million, or 20.5% of sales, compared to $97 million, or 19.9%, a year ago. Performance was driven by robust demand for data center products, favorable price realization and productivity, partially offset by elevated raw material costs and tariffs.

For full year 2025, Hubbell delivered diluted EPS of $16.54 and adjusted diluted EPS of $18.21, a 10% increase versus 2024 on an adjusted basis. Net sales grew double digits, supported by strong performance in both segments, and the company achieved significant margin expansion and free cash flow conversion above 90%. For 2026, Hubbell expects total sales growth of 7–9%, including 5–7% organic growth. GAAP diluted EPS is projected in the range of $17.30 to $18.00, and adjusted diluted EPS of $19.15 to $19.85, based on an adjusted tax rate of approximately 22.5% and anticipated restructuring costs of $15–20 million.